AUD/JPY Price Analysis: Faces resistance at Tenkan-Sen, as buyers eye 103.00
08.05.2024, 19:40

AUD/JPY Price Analysis: Faces resistance at Tenkan-Sen, as buyers eye 103.00

  • AUD/JPY up 0.30%, showing bullish momentum for potential rise beyond 102.35.
  • Bullish RSI indicates room for growth before hitting overbought conditions.
  • Key levels: Resistance at Tenkan-Sen (102.42) and support at Kijun-Sen (101.36).

The AUD/JPY extends its gains for the fifth day in a row, climbs 0.30%, and trades at 102.35. Market sentiment remains upbeat, which usually weighs on the Japanese Yen (JPY) safe-haven appeal, which remains the laggard in the Forex markets against other peers.

AUD/JPY Price Analysis: Technical outlook

After reaching a year-to-date (YTD) high at 104.95, the AUD/JPY retreated towards 100.00, following a confirmed intervention by the Bank of Japan (BoJ). Since then, the pair has extended its gains, though it faces solid resistance at the Tenkan-Sen at 102.42.

Momentum favors buyers, with the Relative Strength Index (RSI) standing at bullish territory, aiming upwards with enough room before hitting overbought territory.

If AUD/JPY buyers want to re-test the YTD high, they must clear the Tenkan-Sen. Once surpassed, the 103.00 figure would emerge as the next stop, ahead of testing April’s 26 high at 103.47. Up next would be 104.00, followed by the YTD high.

On the other hand, buyers' failure to crack the Tenkan-Sen can pave the way for sellers to step in and push prices lower. The first support would be the 102.00 mark, followed by the Kijun-Sen at 101.36. Further losses are seen at the May 3 low at 100.45, followed by the 100.00 figure.

AUD/JPY Price Action – Daily Chart

AUD/JPY

Overview
Today last price 102.36
Today Daily Change 0.30
Today Daily Change % 0.29
Today daily open 102.06
 
Trends
Daily SMA20 100.66
Daily SMA50 99.38
Daily SMA100 98.29
Daily SMA200 96.85
 
Levels
Previous Daily High 102.47
Previous Daily Low 101.58
Previous Weekly High 105.04
Previous Weekly Low 99.93
Previous Monthly High 105.04
Previous Monthly Low 97.78
Daily Fibonacci 38.2% 102.13
Daily Fibonacci 61.8% 101.92
Daily Pivot Point S1 101.61
Daily Pivot Point S2 101.15
Daily Pivot Point S3 100.72
Daily Pivot Point R1 102.49
Daily Pivot Point R2 102.92
Daily Pivot Point R3 103.38

 

 

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